Finland Current Account

Finland: Current account balance records surplus in November

January 10, 2013

In November, the current account posted a surplus of EUR 198 million. The figure contrasted both the revised EUR 49 million deficit observed in October (previously reported: EUR 44 million surplus) and the EUR 116 million shortfall recorded in the same month the year before.

The trade balance recorded a surplus of EUR 406 million, which contrasted the EUR 125 million deficit seen in November the previous year. The reading mainly reflects a decline in imports, which swung from a 1.3% year-on-year expansion in October to an 11.5% contraction in November. Meanwhile, exports contracted 1.1%, which contrasted a 12.7% expansion in October.

Building on the monthly surplus, the 12-month moving sum of the current account balance stepped up from minus EUR 3.4 billion in October to minus EUR 3.1 billion, or approximately 1.5% of GDP.

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According to Statistics Finland, which heavily revised its historical data this month, the current account showed a EUR 0.09 billion surplus in November last year, less than the revised EUR 0.18 billion surplus recorded in October (previously reported: EUR 0.54 billion).
In the 12 months leading up to November, the current account surplus widened to EUR 1.4 billion, compared to October’s revised cumulative 12-month surplus of EUR 1.2 billion (previously reported: EUR 0.18 billion).
The trade surplus narrowed in November against the previous month, recording net inflows worth EUR 181 million compared to October’s revised EUR 284 million surplus (previously reported: EUR 279 million surplus).

The current account surplus came in at EUR 0.54 billion in October, higher than both the EUR 0.08 billion surplus recorded in the previous month and the EUR 0.26 billion surplus totaled in the same month last year.
In the 12 months leading up to October, the current account deficit narrowed to EUR 0.18 billion, compared to September’s cumulative 12-month deficit of EUR 0.46 billion.
The trade surplus widened marginally in October over the previous month, recording net inflows worth EUR 279 million compared to September’s EUR 220 million surplus.